REGISTERED CHARITY NO SC053895
HELENSBURGH SAILING CLUB SCIO
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR
THE PERIOD FROM 7 JANUARY 2025 TO 28 FEBRUARY 2026
HSC CLUBHOUSE RHU ROAD LOWER HELENSBURGH ARGYLL & BUTE G84 8QT
HELENSBURGH SAILING CLUB SCIO
| CONTENTS | PAGES |
|---|---|
| Trustees' Annual Report | 4-6 |
| Report of the Independent Examiner to the Trustees | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10-14 |
HELENSBURGH SAILING CLUB SCIO
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REFERENCE AND ADMINISTRATION DETAILS For the period from 7 January 2025 to 28 February 2026
TRUSTEES
A Jeffrey (Commodore) D Mclaren (Secretary) T Hendry (Treasurer) J Miller (Rear Commodore) I Chatten (Rear Commodore) T Flatman G Jeffrey M Heath B Lennox A Matthews S Miskelly Resigned 01/10/2025 E Morrison
PRINCIPAL ADDRESS
Rhu Road Lower Helensburgh G84 8QT
REGISTERED CHARITY NUMBER
SC053895
INDEPENDENT EXAMINER
Duncan MacCaig CA Armstrong Watson LLP Chartered Accountants Caledonia House 89 Seaward Street GLASGOW G41 1HJ
BANKERS
Bank of Scotland Virgin Money
HELENSBURGH SAILING CLUB SCIO
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REPORT OF TRUSTEES For the period from 7 January 2025 to 28 February 2026
The trustees present their report with the financial statements of the charity for the period from 7 January 2025 to 28 February 2026. The trustees have adopted the provisions of Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES
Helensburgh Sailing Club SCIO (HSC) is based at Rhu Road Lower, Helensburgh G84 8QT and exists to provide access to sailing, and non-motorised water sports and community focused activities to individuals of all ages and abilities. HSC's aim is to foster skills development, physical activity and social inclusion through safe, welcoming and affordable opportunities on and off the water.
ACTIVITIES
HSC provides a range of activities in connection with our charitable purposes including cadet training sessions, including RYA academies dinghy and keelboat racing, including local and national events, additional training including, first aid, VHF radio, powerboat (safety vessels) handling opportunities, equipment and facilities to learn to sail for all, no matter ability or circumstances and support for disabled sailing social activities designed to bring people together and foster wellbeing volunteering opportunities for those interested in being involved in the charity.
ACHIEVEMENT AND PERFORMANCE
The reporting period marked a milestone in the club's history with restructuring of the club as a SCIO. The assets, liabilities and obligations of Helensburgh Sailing Club CASC were transferred to the SCIO on 1 March 2025 and the CASC was subsequently dissolved.
During the period HSC maintained a successful programme of sailing and community events ensuring continuity of engagement and support. Various social events were also organised but participating numbers were low and efforts are underway to try to involve more volunteers in creating a more active and warm and welcoming space in our clubhouse.
Efforts are also underway to encourage a greater involvement of younger members as trustees both to realign the activities of HSC with the desires of a new generation of members and also to relieve the pressure on older trustees who have given many years of service to the club.
The Family Day in May was a great success, with children and their families enjoying sailing a variety of dinghies.
The club also held a very successful Club Regatta in August, and hosted a very successful Family Day for returning crews and families of HMS Valiant in June.
Junior training continued to be a highlight for the club, with 6 new RYA dinghy instructors qualifying this season. Additionally, some of our junior members have been actively racing both at home and abroad.
We hosted the Blaze Scottish and Northern Championships in September which featured 27 entries and 6 races, along with an enjoyable evening of food and music. The success of such events is made possible by the support of our members, both on and off the water, and our invaluable sponsors.
In line with our objectives to encourage wider participation in non-motorised water sports, the charity has been diversifying its membership to include kayakers and rowers. It also continues to host the Helensburgh Sea Cadets who provide sailing, kayaking and rowing experience for young people. We were pleased to welcome the Northern Coastal Rowing Group to the club along with their boat "Farouks Galley" and they have an extensive calendar of training and events planned.
The charity continues to provide support to disabled sailing through the Helensburgh Challenger Group and also Autism on the Water.
During the year significant work was undertaken to repair and improve the sea walls which had been badly damaged in recent storms. Funding of this was supported by a contribution of £4,000 from our insurers.
HELENSBURGH SAILING CLUB SCIO
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REPORT OF TRUSTEES For the period from 7 January 2025 to 28 February 2026
At an EGM held on 30 March 2026, the members approved the purchase of the land presently leased from Luss Estates for the sum of £200,000. The Trustees have secured an adequate financial package, including a 20 year term loan from HSBC in order to fund this acquisition. The acquisition of this land will free the club from increasingly expensive RPI rent increases. It will secure the ongoing operations of the club which will then be free to develop and improve the infrastructure and the opportunities which the club can offer to members and the wider community.
FINANCIAL REVIEW
The financial year resulted in a surplus of £15,951 which was significantly boosted by the rental of changing space to a contractor at the naval base which amounted to £4,500.
During the year the club also benefited from the successful settlement of a class action against Clydesdale Bank plc, to which HSC were party, in relation to their management of the loans for the building of the clubhouse in 2008-09. The resulting compensation received amounted to £1,850.
Acquisition of leased land from Luss Estates
The club ended the financial year with liquid funds of £33,420, after having expended c£3,000 on initial consultancy and legal fees relative to the acquisition of land from Luss Estates. Our rental of land from Luss Estates was reviewed in May 2025 and the rent was increased by RPI to £9,000 pa.
The increasing burden of RPI increases was of significant concern to the trustees and following negotiations with Luss Estates the trustees agreed to the acquisition of the land presently leased from them at a price of £200,000.
In order to finance the acquisition of land from Luss Estates the trustees have negotiated a 20 year term loan facility with HSBC amounting to £175,000.
In order to reduce the amount of bank borrowing members have been invited to contribute donations or 10 year unsecured loans bearing interest at 1% over base rate.
This acquisition and the necessary borrowing was approved by members at an EGM held on 30 March 2026.
Principal funding sources
The majority of income came from subscriptions, dinghy park rentals, mooring fees and training.
Additional income was generated from regular club activities and community room hires.
The club provides meetings and social accommodation for the local Art Club, Athletics Club, Angling Club, Swimming Club,
Going concern
Reserves policy
HSC maintains a reserve policy to ensure the continuity of the club's operations and to meet future needs particularly ensuring a high standard of maintenance of the club infrastructure and dinghy and rescue boat fleets.
The Trustees aim to maintain unrestricted reserves equivalent to approximately three to six months' typical operating
expenditure, based on the charity's current level of activity and risk profile.
At the balance sheet date, unrestricted reserves amounted to £265,418, which the Trustees consider to be appropriate to meet the charity's current needs and future plans.
HELENSBURGH SAILING CLUB SCIO
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REPORT OF TRUSTEES For the period from 7 January 2025 to 28 February 2026
Future plans
The club aims to :-
Maintain and expand training, social events and indoor community activities Increase capacity for youth development and qualifications Grow community participation and remove barriers to access through subsidised activities and partnerships Explore opportunities to expand the range of water sports available
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
HSC is a Scottish Charitable Incorporated Organisation governed by its constitution. It was registered on 7 January 2025.
It was previously an unincorporated Community Amateur Sports Club, the assets, liabilities and obligations of which were transferred to the SCIO on 1 March 2025.
Trustees
Elected trustees must be members of the club and no employees will be eligible to be trustees. At each AGM all charity trustees shall retire from office but shall be eligible for re-appointment.
Trustees receive appropriate guidance and information to enable them to fulfil their duties effectively, proportionate to the size and activities of the charity.
Organisational structure
The organisation is comprised of members and trustees. The members have the right to attend the AGM and have important powers when taking decisions in relation to any changes in the constitution. The trustees set the strategy and policy of the charity and supervise the activities and are responsible for monitoring the financial position.
The trustees set the strategy and policy of the charity and supervise its activities. The trustees constitute the key management personnel and do not receive remuneration for their services. The charity is managed and run by the trustees on a voluntary basis.
Risk Management
The trustees have appropriate arrangements in place for risk management and financial control, including oversight of the financial position and proportionate segregation of duties, considered suitable given the size and nature of the charity.
This report was approved by order of the Board of Trustees on 13 May 2026 and signed on its behalf by:
A Jeffrey Commodore
HELENSBURGH SAILING CLUB SCIO
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HELENSBURGH SAILING CLUB SCIO
I report on the accounts for the period from 7 January 2025 to 28 February 2026 which are set out on pages 8 to 14.
Respective responsibilities of trustees and examiner
Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
In the course of my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Duncan MacCaig CA The Institute of Chartered Accountants of Scotland Armstrong Watson LLP Chartered Accountants Caledonia House 89 Seaward Street Glasgow G41 1HJ
13 May 2026
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HELENSBURGH SAILING CLUB SCIO PERIOD ENDING 28 FEBRUARY 2026
STATEMENT OF FINANCIAL ACTIVITIES
| Notes INCOME AND ENDOWMENTS FROM 4 Donations and legacies Charitable activities To provide a range of water sports activities and facilities to the community Other trading activities Other income Total EXPENDITURE ON Raising funds 5 Other trading activities Charitable activities To provide a range of water sport activities and facilities to the community Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted Total funds funds funds 1,209 1,209 92,035 92,035 9,642 9,642 826 826 103,712 - 103,712 5,569 5,569 82,191 82,191 87,761 - 87,761 15,951 - 15,951 249,466 - 249,466 265,418 - 265,418 |
|---|---|
HELENSBURGH SAILING CLUB SCIO
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BALANCE SHEET AS AT 28 FEBRUARY 2026
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Stocks Debtors, prepayments and accrued income PAYE & NIC Cash at bank and in hand CURRENT LIABILITIES Creditors, accruals & deferred income VAT Loans - due within one year Deferred grants - due within one year 9 NET CURRENT ASSETS LONG TERM LIABILITIES Loans - due after one year Deferred grants - due after one year 9 NET ASSETS FINANCED BY : RESERVES 7 Unrestricted funds Restricted funds |
£ £ Unrestricted Restricted Total funds funds funds 256,327 0 256,327 3,188 10,996 23 33,420 47,627 47,627 0 47,627 4,643 2,707 818 1,209 9,378 9,378 0 9,378 38,249 0 38,249 294,576 0 294,576 2,796 26,362 (29,158) 0 (29,158) 265,418 0 265,418 265,418 0 265,418 265,418 0 265,418 2026 |
|---|---|
The financial accounts were approved by the Committee on 13 May 2026 and were signed by :-
A Jeffrey Commodore
T B Hendry Honorary Treasurer
HELENSBURGH SAILING CLUB SCIO
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NOTES ON FINANCIAL STATEMENTS PERIOD ENDING 28 FEBRUARY 2026
1 GENERAL INFORMATION
Helensburgh Sailing Club ("the charity") is a Scottish Charitable Incorporated Organisation governed by its Constitution. It was registered as a charity in Scotland (Registered Number SC053895) on 7 January 2025. Its registered address is HSC Clubhouse, Rhu Road Lower, Helensburgh, G84 8QT.
2 GOING CONCERN
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
3 ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005.
The first financial period of Helensburgh Sailing Club SCIO covers the period from 7 January 2025 (date of registration as a SCIO) to 28 February 2026, in accordance with OSCR guidance allowing an extended reporting period of up to 18 months.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are presented in Sterling (£).
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
These are indirect costs attributable to the management function that supports the direct provision of charitable services.
HELENSBURGH SAILING CLUB SCIO
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NOTES ON FINANCIAL STATEMENTS PERIOD ENDING 28 FEBRUARY 2026
3 ACCOUNTING POLICIES (cont'd)
Tangible fixed assets
The clubhouse is depreciated over its estimated useful life of fifty years. Other assets are depreciated on a straight line basis over their estimated useful lives ranging between three and twenty years.
Fixed assets are recorded at cost or, where transferred to the charity on incorporation, at their professionally assessed valuation at the date of transfer, less accumulated depreciation.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Debtors
Debtors are recognised at the settlement amount due. Prepayments represent sums paid in advance for goods or services and are recognised as debtors at the amount prepaid.
Cash
Cash includes cash in hand and bank balances repayable on demand.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount, usually the invoice amount. Accrued charges are normally valued at their settlement amount, usually the invoice amount.
Provisions
Provisions are recognised when the charity has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Judgements
The charity considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The trustees consider there are no such significant judgements.
| 4 INCOME DONATIONS AND LEGACIES Donations OTHER TRADING ACTIVITIES Training income |
2026 £ 1,209 9,642 |
|---|---|
HELENSBURGH SAILING CLUB SCIO
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NOTES ON FINANCIAL STATEMENTS PERIOD ENDING 28 FEBRUARY 2026
4 INCOME (cont'd)
INCOME FROM CHARITABLE ACTIVITIES
| Subscriptions Race entries Dinghy park fees Regatta fees, academies and sponsorship Mooring fees Bar sales Kitchen sales Social events Hire of clubhouse Hire of ribs Sundry income Profit (loss) on disposal of equipment OTHER INCOME Bank interest received |
39,814 2,133 14,071 2,618 5,168 11,217 1,492 1,723 11,120 520 2,337 (178) 92,035 826 |
|---|---|
Income for the period includes £1,850 compensation income arising from a historic legal matter.
5 EXPENDITURE
| OTHER TRADING ACTIVITIES COSTS Instructors wages External instructors Training expenses CHARITABLE ACTIVITIES COSTS To provide a range of water sports activities and facilities to the community Support costs Bank charges Accountancy Office & computer costs |
Direct costs 79,677 |
2,493 2,363 714 5,569 Support costs Totals 2,514 82,191 312 1,600 602 2,514 2,514 |
|---|---|---|
HELENSBURGH SAILING CLUB SCIO
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NOTES ON FINANCIAL STATEMENTS PERIOD ENDING 28 FEBRUARY 2026
5 EXPENDITURE (Cont'd)
| Direct costs Notes Administration Rent Rates, water and waste Insurance Clubhouse & grounds maintenance Offshore expenses Regatta expenses Mooring licences Bar Kitchen Social events RYA & CYCA affiliation fees Irrecoverable VAT 6 Depreciation |
11,792 8,693 4,171 6,707 12,237 4,068 136 4,913 6,985 735 1,430 1,260 2,543 14,007 79,677 |
79,677 82,191 |
|---|---|---|
6 IRRECOVERABLE VAT
Irrecoverable VAT for the period is as follows :-
| Capital expenditure items Clubhouse etc Equipment Revenue Items |
143 563 2,543 3,249 |
|---|---|
7 TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 28 February 2026.
Trustees' expenses
There were no trustees' expenses paid for the period ended 28 February 2026.
8 STAFF COSTS
The charity considers its key management personnel to comprise the trustees only. The average number of employees during the period was as follows :-
Administration (full time equivalent)
2026 1
9 CAPITAL COMMITMENTS
The charity is committed to the acquisition of the land currently leased from Luss Estates. This acquisition is due to be completed on 1 June 2026 at a cost of £211,704 (including professional fees). Funding will be provided from the charity's own resources and from a 20 year bank loan from HSBC secured over the heritable assets of the charity.
10 RECONCILIATION OF FUNDS
| Total funds transferred in from CASC on incorporation Surplus for period TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted Total funds funds funds 249,466 0 249,466 15,951 0 15,951 265,418 - 265,418 |
|---|---|
HELENSBURGH SAILING CLUB SCIO
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NOTES ON FINANCIAL STATEMENTS PERIOD ENDING 28 FEBRUARY 2026
11 TANGIBLE FIXED ASSETS
| COST As at 1 March 2025 Additions Disposals As at 28 February 2026 DEPRECIATION As at 1 March 2025 Charge for period Disposals As at 28 February 2026 NET BOOK VALUE As at 28 February 2026 As at 1 March 2025 |
Clubhouse Equipment Total £ £ £ 554,852 136,093 690,945 856 4,479 5,335 0 (286) (286) 555,708 140,286 695,994 328,064 97,704 425,768 6,317 7,690 14,007 0 (108) (108) 334,381 105,286 439,667 221,327 35,000 256,327 226,788 38,389 265,177 |
|---|---|
On incorporation as a Scottish Charitable Incorporated Organisation, the charity took over the activities and assets previously operated by the unincorporated club. Tangible fixed assets were transferred to the charity at their professionally assessed fair value at the date of transfer, which is treated as their deemed cost for accounting purposes.
The Trustees reviewed the estimated useful economic lives of the assets at the date of transfer and depreciation life of fifty years. Other assets are depreciated over estimated useful lives ranging between three and twenty years.
12 DEFERRED GRANTS
| Sports Scotland Volvo Sailing Crown Estates Argyll & Bute Council Energy Trust (& member's gift) Due for release within one year Due for release after one year |
2026 £ 9,321 3,542 1,228 2,833 10,647 27,571 1,209 26,362 27,571 |
|---|---|
These grants and gift having been received to assist with capital projects are released to the Statement of Financial Activities over the anticipated life of the assets.
13 RELATED PARTY DISCLOSURES
There were no related party disclosures for the period ended 28 February 2026.